The Workforce Velocity Problem (and How CEOs Can Solve It) - with Joe Galvin of VistageSep 21, 2023
As the dust from the pandemic starts to settle, we find ourselves navigating through a rapidly evolving labor market. A term that's gained significant traction during these turbulent times is 'workforce velocity.' Joe Galvin, Chief Research Officer at Vistage helps decode this phenomenon and its impact on the post-pandemic job market.
What is Workforce Velocity?
Workforce velocity refers to the speed and ease with which employees are switching jobs. Galvin explains that the digital age has made it easier than ever for workers to explore new opportunities. LinkedIn and other online platforms provide an unprecedented level of transparency, giving employees the leverage to seek better positions, pay, and working conditions.
However, Galvin highlights that the role of bosses has become increasingly critical in this changing dynamic. There is an ongoing battle between CEOs who wish to bring their workforce back into the office and employees who prefer the flexibility and choice offered by remote work. Galvin emphasizes the importance of a healthy working environment, one where choice is respected and toxic managers are weeded out.
Employee Development and Effective Leadership
For companies to survive in this age of rapid change, investing in employee development and effective leadership is key. A focus on creating a positive employment experience and fostering a culture that aligns with the needs and values of the employees can boost workforce velocity and retain valuable employees.
Galvin also brought to light the unique challenges faced by small and mid-sized businesses. Based on the recent report by Vistage, a company devoted to understanding the decisions and topics that matter most to CEOs, Galvin shared some interesting findings. Small and mid-sized businesses can actually compete for top talent, thanks to salary transparency laws and the ability to offer a more personalized work environment.
The Future of the Job Market
Galvin believes that the current lull is temporary and predicts a frenzy of hiring in the coming years. His advice to CEOs? Use this lull to understand your workforce velocity, focus on retention strategies, and prepare for the next growth cycle.
The understanding of workforce velocity and its impact on the post-pandemic labor market can provide valuable guidance for navigating the new normal. It’s clear that the companies that adapt and evolve with these changes will be the ones to thrive in the post-pandemic world.
Visit the Wannos Law Firm, a premier Florida employment law firm, to discuss your employment needs. At the Wannos Law Firm, we help Florida businesses with the following:
- Legal Document Preparation: we prepare employee handbooks, employment agreements, independent contractor agreements, and other legal documentation for Florida businesses with employees
- Risk Assessment: we conduct a comprehensive audit of your business and HR procedures and policies to help ensure you are legally protected
- Florida Workplace Investigations: we are a neutral third-party investigator of workplace matters, including claims of harassment, discrimination, and retaliation.
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For more information, visit The Wannos Law Firm at https://www.wannoslaw.com/contact
If you want to learn more about The Employment Experience Podcast, check out https://www.karlywannos.com/blog/ee051
The Wannos Law Firm, P.A. provides legal advice to Florida businesses. Karly Wannos is a workplace investigator for claims of discrimination, harassment and retaliation, Florida employment law mediator and provides training to businesses on employment laws.
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